Allens capital markets team caps off successful year with SEEK bond

Allens has advised SEEK Limited (SEEK) on a successful $150 million subordinated note. The subordinated note issuance was issued under SEEK's Guaranteed Euro Medium Term Note Programme and listed on the Singapore Stock Exchange. The transaction was led by ANZ, HSBC and NAB.

'SEEK Limited received strong support for its debut subordinated note issuance, and we were delighted to assist the SEEK team structure and execute a successful trade,' said Allens Head of Debt Capital Markets, Partner James Darcy.

While subordinated note issuances by Australian non-financial institutions have been relatively rare in recent years, Allens has seen an increase of enquiries in relation to subordinated products.

'As investors search for higher yields in a low interest rate environment, we may expect other corporate treasury teams to investigate subordinated debt as an additional source of capital,' said James.

Allens worked with its global alliance partner, Linklaters, on the deal for SEEK, another example of the Allens and Linklaters teams working closely together to assist Australian corporates access debt capital markets.

The deal for SEEK has capped off a very successful year for the Allens debt capital markets team, who advised several corporate clients on award-winning deals in 2019, including:

• Together with Linklaters, advising Pacific National on its A$450m bond issue that won the Best Local Bond in FinanceAsia's 2019 Achievement Awards;
• Advising Coles Limited on its A$600m debut bond issuance that won Australian Dollar Corporate Bond Deal of the Year in the KangaNews Awards 2019; and
• Advising the note investors on Australia Pacific Airports Corporation's (Melbourne Airport) US private placement that won the US Private Placement Deal of the Year in the KangaNews Awards 2019.

'Over the course of 2019, we worked with clients on a range of award-winning debt capital markets deals and helped them access longer-term debt solutions in the various domestic and offshore capital markets,' said James.

These deals add a list of recent matters the firm worked on, including the establishment of bond programs or bond issuances for Origin, BWP Trust, Edith Cowan University, PACCAR Financial and Endeavour Energy. Allens also advised QIC Shopping Centre Fund on a landmark green bond issuance.

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